Financial Socialization and Belonging Networking Group

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2024-07-15

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Higher Education Financial Wellness Alliance (HEFWA)

Abstract

The Financial Socialization and Belonging Networking Group aims to further encourage and facilitate a discussion about how our individual lenses, shaped by our personal narratives and experiences, inform the ways we interact with financial matters, especially concerning fostering financial well-being and education with students in institutions of higher education. Our identities, experiences, and values, as well as those of our students, are molded by the financial decisions spanning generations within our families and communities driven by societal structures. These societal structures ultimately shape: our sense of acceptance, support and connection (belonging), our ability and awareness of how to navigate social and financial structures (empowerment), our capacity to make informed decisions about our finances (ownership), and how to utilize resources effectively overtime (longevity). Each of these factors ultimately shape and determine what resources we have access to and further influence and socialize future generations to come (socialization). As student affairs professionals, it is important for us to be aware of the different ways individuals learn about, relate to, and are socialized with money. To provide relevant financial education to support lifelong financial wellness, we first must consider the modeled behaviors that teach students about money and finances, and deeply consider the social structures and environments in which they live, work, and learn. Students’ relationships with money, including credit, debt, banking, investing, budgeting, and more, are deeply influenced by their individual and community financial experiences and education. These lived experiences and teachings serve as foundational elements that shape their financial attitudes, behaviors, and decision-making processes throughout their lives. We must guide students in embracing various approaches to resource management, allowing them to maintain stability and pursue the higher education experience they desire, not just what they can afford. But where and how do we begin the conversation? Here. Join us for an important collaborative conversation about Belonging, Empowerment, Longevity, Ownership, and Socialization in Financial Wellness!

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higher education, financial wellness

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